Harrison Street Gets $25M Refi for NY Student Community
The property serves the State University of New York at Binghamton.
Harrison Street has refinanced Twin River Commons, a 127-unit, 371-bed luxury student housing community in Binghamton, N.Y. TSB Capital Advisors arranged the floating-rate loan.
The owner took out two loans from BankUnited, according to public records—a $23.5 million note that will mature in March 2027 and a $1.4 million loan.
Harrison Street acquired the asset in August 2021 for $36.9 million—$100,000 per bedroom—from OC Ventures, according to Yardi Matrix information. The company also assumed the outstanding balance of a $26.5 million CMBS loan originated by MC-Five Mile. That note expired in February.
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The 3-acre community, completed in 2012, consists of studio and one- to four-bedroom floorplans, ranging between 378 and 1,434 square feet. The apartments feature newly renovated furniture and fixtures.
Common-area amenities include a redesigned clubhouse, new package lockers, fireplace lounge, fitness center, café and waffle bar, genius lab and study lounges. The four-story building also has a courtyard with outdoor kitchen and patio seating.
Twin River Commons is at 45 Washington St., less than 4 miles from the State University of New York at Binghamton campus and within walking distance of downtown Binghamton. The Binghamton Plaza shopping center is some 2 miles away.
A sizeable student housing portfolio
Harrison Street has invested more than $67 billion in real estate assets since its inception, totaling about 1,640 properties acquired or developed. The company’s student housing portfolio consists of nearly 120,000 beds across the U.S.
In March, after the firm partnered with Easterly Asset Management to provide investment services in alternative real estate assets, Harrison Street sold The Aves at Twelve100, a 1,527-bed student community in Orlando, Fla. The Scion Group and an institutional investment partner acquired the property.
A few weeks later, a joint venture between the company and The Dinerstein Cos. sold The Parker, a 484-bed community in Tucson, Ariz., for $132.5 million. The 10-story building came online in 2021 and is LEED Silver certified.
